Retire Better

What is a Reverse Mortgage and what are the benefits?

Simply put, a Reverse Mortgage is a mortgage that pays you. You've spent years building the equity in your home and now that you've finally reached retirement age, you have the opportunity to tap into it.

Make your asset work for you

Free up the equity in your home to supplement your income, pay off high-interest debts, renovate your home to age in place safely, travel the world, if you can dream it, a Reverse Mortgage can help you achieve it.

Reverse Mortgage is a loan that allows you to convert a portion of your home's equity into cash. When you enter into a Reverse Mortgage, you stop making home loan payments. You can also choose to take out more cash in a single lump sum payment, smaller payments every month, a line of credit, or a combination.

How does it work?

Unlike a regular mortgage, where you pay the lender every month to buy your home, with a Reverse Mortgage loan the lender pays you. Part of your equity is converted into payments to you, allowing you to access your equity without selling your home.

What can I spend the money on?

Whatever you want, it's your money to spend as you choose.

You can even use the money to buy a second home. Keep in mind that the home you use to secure the Reverse Mortgage must remain your primary residence; you must spend at least 6 months a year in your primary residence to maintain that status.

What about my heirs?

Your heirs will still inherit the home. If they choose to keep the home, they simply pay back the loan balance, plus accrued interest and fees. If the home is underwater, your heirs can walk away. The lender will sell the home, and

any money left over after the lender has been paid will go to them.

You or your heirs will NEVER be obligated to repay more than your home is worth.

Does the bank own my home?

No, the bank does NOT own your home.

You remain on the title. As long as you continue to pay property taxes, homeowner's insurance, and any HOA dues, and the home is your primary residence, you will be able to live in the house until you leave the earth or decide to leave the home. You can NOT outlive a Reverse Mortgage.

Live Inspired

Live your dreams. Get out the bucket list and start checking off items. Travel, take up a new hobby or reinvigorate an old one, spend more time with family, or simply sit back, relax, and enjoy the view.